Market Definition:
Caramel is applied for numerous purposes. In puddings and desserts, it is found as a flavoring agent. In bonbons it forms an irresistible filling. Whereas in custard or ice-cream it is used as a topping in a syrup form. On the whole, it can be pretty much concluded that this market has a bright future.
Caramel is an inseparable part of the dessert industry. Without it one cannot imagine some of the most delectable sweet dishes in the world. The name caramel comes from a French word caramel that was coined from the Spanish term caramello. The literal translation of this word is ‘sugar cane’. Since the time of its inception caramel has ruled the dessert industry and will continue to do in future as well. However, it is only in recent times that people have understood the potential it holds. Which is why the demand for this ingredient has risen dramatically. Resultantly, the global caramel market is gaining impetus.
Market Scenario:
For the uninitiated, caramel is a medium- to dark –orange sweet product that is obtained after heating various types of sugars. It is obtained from a process called caramelization. In which the distinct kinds of sugar are heated at the temperature of around 170 degree Celsius. As the sugar goes above its heating level, all the components break down and a completely new compound is formed which has a distinct color and flavor. The end product of this process is known as caramel.
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Key Players & Strategies:
The most reliable names of this industry can be listed as Bakels Worldwide, Cargill Inc., Puratos Group, Sethness Caramel Color and Metarom group. The major growth strategies employed by these players are strategic expansion and novel product development.
Market Scenario:
People all across the world have a liking towards caramel. Due to this fact, it can be positively affirmed that the global caramel market will grow by leaps and bounds in the coming years. In terms of revenue the industry is estimated to earn double of what it earned last year. Furthermore, when it comes to CAGR the market will tread forward at the rate of 8.89%.
There are many factors that can be held responsible for the growth of this market. The emerging trend of food decoration happens to be a chief development booster for the market. Rising demand for food decoration leaves provides an opportunity for the topping segment to soar. This is where caramel gets the chance to shine and consequently the market gets boosted.
Another major reason for the development of the industry is the growing preference of caramel flavor when it comes to dessert. However, the market may come across certain restraints like the presence high calories in caramel. Although, over the years the market will overcome this shortcoming.
Innovations:
One of the most recent innovations in the global caramel market has been the introduction of functional caramel. This form has distinct flavors thanks to the added tinge of salt that has been added to it. It has proven to impart distinct flavors in sweet dishes and is being loved by people.
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Market Segmentation:
The worldwide caramel market has been segmented into four distinct parts. These include, flavors, ingredients, geographies and applications.
On the basis of flavors, the market is fragmented into fruity, vanilla, buttery, maple and coffee.
On account of ingredients the market has been trifurcated into milk solids & fat (vegetable fat, margarine and butter) and sugar (cane or corn syrup, white and brown).
Geographically, the market spans across various areas of the world like North America, Europe, Asia Pacific and Rest of the World.
Lastly, based on applications the market is segmented into puddings and desserts, confectionery, beverage and ice-cream.
Regional Analysis of Caramel Market:
The global caramel market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Among all regions, North America is accounting for the largest market share the year of 2018. The growth of the caramel market in this region is attributed to various factors; one of the factors is the rising trend of food decorations in bakery & confectionery products. In North America, the U.S. is estimated to account for the largest market share throughout the forecast period. Europe is estimated to hold approximately 28% market share in 2018. However, Asia-Pacific region is projected to expand at an exponential growth rate during the forecast period. Increasing per capita disposable income of the consumers in the emerging economies e is the major factor forth rising growth of caramel market during the forecast period.
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